Expiration Analysis
How gamma structure changes around option expirations and how to trade it.
Gamma exposure is strongest near expiration and decays rapidly after:
- Pre-expiration (0-2 days): Max Pain pull is strongest. Expect pinning near A1/A2 and Max Pain.
- Expiration day: Gamma collapses rapidly. Levels become less reliable as options expire.
- Post-expiration: Structural shift — a new gamma landscape forms around the next nearest expiration.
Use the TOTAL expiration view to see the aggregate picture, then switch to specific expirations to analyze individual impacts.
See also: Max Pain, Absolute Peaks (A1/A2)